Silver continue to move within the correction and the bullish channel. At the time of the publication of the forecast, Silver prices are at $ 28.11. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers of the asset and a potential continuation of the growth in value from the current levels. At the moment, we should expect an attempt to develop a correction in the value of the metal and a test of the support level near the 27.45 area. Where can we expect a rebound and continued growth in the price of Silver with a target above the level of 29.75.
XAG/USD Forecast Silver and Analysis May 20, 2021
An additional signal in favor of raising quotes and prices for XAG/USD Silver will be a test of the support line on the relative strength index (RSI). The second signal in favor of growth will be a rebound from the lower border of the ascending channel. Cancellation of the option to raise Silver prices on May 20 will be a fall and a breakdown of 26.75. This will indicate a breakdown of the support area and a continued fall to the area below the level of 23.55. Expect an acceleration in the rise of XAG/USD quotes with the breakdown of the resistance area and closing the price above the level of 28.75.
XAG/USD Forecast Silver and Analysis May 20, 2021 suggests an attempt to test the support area near the level of 27.45. Further, the continued growth of quotations with a target above the level of 29.75. Cancellation of the growth option for Silver prices will be a fall and a breakdown of the level of 26.75. This will indicate a breakout of the support level. In this case, we should expect the price to continue falling below the level of 23.55.
